Avalanche (AVAX) Price Prediction: AVAX Aims For $110.0, Are Bad Days over!

By Rekha chauhan
February 19, 2022 Updated February 19, 2022
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Avalanche is a major Etherum competitor

Avalanche (AVAX) price falls for the second day on Friday. AVAX price fails to sustain Thursday’s high and lost 18% in two days. Investors anticipate a retracement of 15% towards $0.68 if the bearish sentiment persists. However, the current price trend suggests that AVAX could utilize the current retracement as a base for the next leg up.

  • Avalanche (AVAX) price edges lower on Friday in the late U.S trading session.
  • Investors manage to hold above the critical $80 level.
  • AVAX logged nearly 85% gains from January’s lows.

As of press time, AVAX/USD is trading at $84.98, down nearly 4%. The 24-hour trading volume reads at $1,419,047,712 with more than 22$ losses.

AVAX seeks next leg-up

On the daily chart, Avalanche’s (AVAX) price has surged more than 80% from the lows of $53 made in late January. The price action constitutes a ‘rising wedge pattern’, which is a bearish continuation pattern.

Source: Trading view

That’s a twist, as per the extension of the formation AVAX has the potential to rise further 37% from the current levels. A closer look at how the price performed inside the channel strengthens the short-term bullish bias for the pair.

Bulls have found fresh buying opportunities as the AVAX price tests the lower trendline of the mentioned formation at every retracement.

Now, AVAX/USD has comfortably placed above the 20-day Simple Moving Average (SMA) at $80.00 that coinciding with the current retracement in price.

We expect, the price would respect the reliable support level and would take out the first resistance hurdle at $103 followed by the ultimate target of $ 110.0.

Alternatively, a failure to hold $80.0 on a daily closing basis would invalidate the bullish theory. The first downside target could be found at $70.0.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) slips below the average line. However, still reads at 50 making bulls hopeful.

MACD: The Moving Average Convergence Divergence (MACD) is above the midline. Any uptick in the indicator would be favorable for long positions holders.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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